Residential Properties To Become Freehold At Greater Noida
There is excellent news over property possession
. If the new possession policy recently announced by the govt. of Uttar Pradesh is implemented, the property in Greater Noida, Noida and even Yamuna Expressway can become free-hold .
Currently, land is allotted on lease for ninety years in Noida-Greater Noida. The authorities have formulated totally different slabs for the annual lease and charge ten percent for residential property and 27.5% for institutional , industrial and commercial property in Greater Noida, of the overall price of the property.
With the implementation of the new possession policy, when land are allotted on free-hold , those that have bought or are planning to get flats or plots from builders or the authority might really become the house owners.
According to urban land policy (being followed by the Delhi Development Authority ), land possession is of 2 types: freehold or leasehold . In freehold , possession is for the perpetuity whereas in leasehold , it's for specified time, which might vary between 30 years and 100 years.
In Delhi, up to 2008, a large acres of land was acquired which now has been allotted for green areas, institutional, industrial, commercial, residential and infrastructure projects like roads.
Initially, the full of the land was given to end users on lease, with the DDA being paid ground rent; however slowly, of these are being altered into single owned property, because the authorities face an uphill task in realizing the dues with thousands of cases pending within many govt. departments. So, the Development Authority set almost all of the land should be free-hold except institutional and commercial.
The UP government has taken a leaf out of this expertise and has set to follow suit. It's highly seemingly that the other NCR cities like Ghaziabad, Faridabad and Gurgaon will convert the possession policy from leasehold to freehold .
Impression of the proposed land-owning policy:
In Noida-Greater Noida, individual owners, even the companies don't seem to be the particular house owners of the property on that they need invested an enormous load of cash in constructing buildings and developing physical infrastructure like roads and sewerage system. With the present lease policy, plots and flats are subleased by the NDA to the end users.
The remaining space are developed within the next phase. With the master plan of Yamuna Development Authority is being developed in Phase one for each residential and commercial functions.
In Greater Noida 49.7% of a complete of 36000 hectares has been used for industrial (19.7%) , residential (23%) and commercial (7%) development. The Master Plan 2031 of the Noida authority hopes to make 2.5 lakh new homes along the expressway and adjacent to Noida Extension within the next 3 years. Out of this, nearly one lakh homes are being created along the expressway underneath group-housing projects. The remaining 1.5 lakh residential property are proposed adjacent to Noida Extension and many other sectors.
Once the new land possession policy is implemented, many patrons, developers, and even the development authority (in terms of revenue generation) are benefited.
If land is converted from leasehold to freehold, then a considerable quantity should be paid by the users to the authorities involved for the conversion. The conversion charge isn't however set. We have a tendency to engage on this proposal.
There is not any distinction within the price of land, whether freehold or leasehold; it all depends on land use which might be followed in line with the legal documents is also of the NCR or the master plans. Planning of cities and zones if any haven't been taken account of. Before enforcing the proposed land possession policy, these should be properly taken into consideration.
A freehold property is usually preferable compared to a leasehold property . Once the new possession policy comes into force, transfer of property can become less complicated. Monetary establishments, investors and foreign investors are comfy with free-hold
property in Greater Noida. For the govt., it's really smart supply of revenue generation and in updating the income record. In case of sequence, it becomes simpler for a typical man to transfer property to his successor.
by: lokeshmanu24
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